The Cabinet Committee on Political Affairs (CCPA) met on 13thSeptember, 2012
under the chairmanship of the Prime Minister to consider the disturbingsituation
arising out of projected massive under-recoveries of Rs. 1,87,127 crore for the
financial year 2012-13 in the wake of high international crude oil prices and
sharp depreciation of Indian Rupee against US Dollar. The uncompensated
under-recovery causes loss tothe Public Sector Oil Marketing Companies (OMCs).
The CCPA took the following decisions to be implemented with effect from the
midnight of 13/14 September 2012 :
